February 21, 2019 / 10:56 AM / 4 months ago

BASF's oil JV Wintershall DEA to slash almost one in four jobs

FRANKFURT, Feb 21 (Reuters) - Wintershall DEA, the planned oil and gas joint venture between BASF and LetterOne, will cut almost one out of four jobs once the merger is approved and completed some time during the first half of the year.

Around 1,000 full-time positions, out of a pro-forma total of 4,200, will be eliminated in a “socially compatible manner,” BASF’s Wintershall unit said in a statement on Thursday.

About 800 of the job cuts will be in Germany and about 200 in Norway, it added.

Reporting by Ludwig Burger; editing by Thomas Seythal

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